Six land plots from the recently reclaimed area in Maafushi have been sold for a whopping MVR 24.6 million (approximately USD 1.6 million). Maafushi, renowned for its vibrant guesthouse businesses, witnessed a flurry of bids during the auction process initiated by the island council in March.
Hassan Solah, the President of the Maafushi Island Council, disclosed that six individuals participated in the bidding process, which attracted attention due to the prime location of the plots. Ranging between 1,961.42 square feet and 1,961.48 square feet, these plots commanded prices between MVR 2000 and MVR 2012 per square foot, setting a new benchmark for land values outside the capital city of Male’.
Solah confirmed that the successful bidders, including undisclosed resort owners, have been informed of the sale. However, the final allocation of ownership awaits the settlement of the agreed prices within the stipulated timeframe of six days.
“The identities of the buyers will be disclosed upon formal allocation of the land,” Solah remarked, hinting at the involvement of prominent stakeholders in the tourism sector. He also announced plans to open applications for leasing three additional plots designated for tourism development in the near future.
Furthermore, Solah revealed upcoming opportunities for long-term leasing of land for tourism purposes from the reclaimed area.
The sale of each plot at record prices exceeding MVR 4 million underscores the growing demand for land in Maafushi, driven by its strategic location and burgeoning tourism industry. The island, which witnessed the reclamation of 25 hectares of land from its lagoon in 2021, aims to utilize 45% of the reclaimed land for housing initiatives benefiting local residents.
As Maafushi continues to attract investment and development projects, stakeholders anticipate further growth in its real estate sector, positioning the island as a key player in the Maldivian economy.
